UAE-based real estate company Fam Holding has announced its plans to develop a resort project in the Maldives, Trade Arabia has reported.
The project will involve a total investment of approximately AED800m ($218m).
The Al Mahra Maldives resort will be spread across 100,000m² and boast of 150 hotel apartments and chalets, which include 100 floating villas with a private swimming pool in every unit.
This project will include 40 beach villas of which ten will be reserved for VIPs, three restaurants, a spa and a gym.
Fam chairman Faisal Ali Mousa said: “Through Al Mahra Maldives touristic resort project, Fam aims to expand in the real estate investment outside the UAE for the first time and strives to tap into the Maldives.
“This archipelago currently witnesses remarkable growth as it became the bucket list destination for many travel and tourism lovers all over the world to bask in its pristine beaches, virgin nature, serene lifestyle and smiling faces of the locals.
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“The building works in Al Mahra Maldives will kick off after three months and will continue for two years and a half while the finishing of works and handing over the project are scheduled for the mid of 2025.
He further stated that the project is considered an extension of the group’s brand, Al Mahra and is likely to be introduced in other countries.